Hough will be based in Hong Kong and report directly to Franz-Josef Hahn, Chief Executive Officer of the reinsurer.

In his new role, Hough will lead Peak Re’s P&C underwriting strategy and business process. Additionally, he is responsible for disciplined risk selection, portfolio optimisation, and product innovation to support the reinsurer’s growth.

Hough has over three decades of reinsurance experience and has led high-performing teams through multiple market cycles in the past.

Most recently, he held senior leadership roles at Aspen Re, including Managing Director for Asia Pacific, Global Head of Property Reinsurance, and Head of EMEA & LATAM. Previously, Hough served at Transatlantic Re in Paris.

CEO Hahn commented on the appointment, “We’re delighted to welcome Philip to Peak Re. His strategic clarity, technical depth and collaborative leadership style are an excellent fit for our ambition to scale with discipline.

“As we execute our growth plans, Philip will help sharpen our underwriting edge and strengthen how we partner with clients across markets.”

Hough added, “I’m excited to join Peak Re at such a pivotal moment. The Company’s entrepreneurial culture, client-first mindset, and commitment to sustainable performance resonate strongly with my own values.

“I look forward to working with the team to deepen Peak Re’s underwriting capabilities, pursue attractive opportunities, and deliver long-term value for clients and stakeholders.”

The post Peak Re names Philip Hough as CUO appeared first on ReinsuranceNe.ws.

Lee brings deep expertise in reinsurance, actuarial science, and risk management, joining Peak Re after spending 19 years at Korean Reinsurance Company (Korean Re).

Most recently, she served as Deputy Branch Manager at Korean Re, where she led underwriting strategy, portfolio planning, and execution for the Singapore Branch across all lines of business.

Prior to that, Lee held the position of Head of Retro / Manager, directing global retro programme purchasing for Property, Marine, and Casualty. She also held various underwriting roles at Korean Re.

Lee commented, “I’m deeply grateful for the journey — for the mentorship, collaboration, and friendships that have shaped both my career and perspective.

“Looking forward to contributing to the continued growth and innovation of our industry in this next chapter.”

The post Peak Re appoints Eun Jeong Lee as SVP Retrocession appeared first on ReinsuranceNe.ws.

The transactions are expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approvals. Peak Re says that the agreements are not anticipated to affect its financial stability, operations, leadership, or ratings.

Once completed, KKR and Quadrantis Capital are expected to hold approximately 11.27% and 1.80% of Peak Re’s issued share capital, respectively.

The remaining approximately 86.71% continues to be held by majority shareholder, Fosun International Limited., a Chinese multinational conglomerate holding company.

Following the signing of the agreements by funds managed by KKR and Quadrantis, Prudential Financial, Inc., which indirectly held an approximate 13.07% minority stake, has divested its stake in the reinsurer.

Peak Re states that these new strategic partnerships will reinforce its commitment to serving a global clientele, underpinned by strong ring-fencing arrangements, and robust corporate governance standards.

Franz-Josef Hahn, Chief Executive Officer, Peak Re, commented, “Peak Re was established to support the growth and resilience of economies and communities in emerging markets across Asia and beyond.

“With KKR and Quadrantis Capital joining as new investors, we are further strengthening the platform that enables Peak Re to innovate, serve clients with excellence, and pursue quality growth globally. We would also like to thank Prudential for their support as a valued minority shareholder and partner over the years.”

Bing Gu, Managing Director, KKR, said, “As Asia emerges as a global growth engine for insurance and reinsurance, Peak Re is well-positioned to meet the needs of global clients with its established regional platform, disciplined underwriting approach, and strong governance.

“We look forward to drawing from our global network and experience in insurance and reinsurance, as well as operational expertise to strengthen Peak Re’s leading position in the region.”

João Rafael Koehler, Managing Partner at Quadrantis Capital, added, “Quadrantis Capital is delighted to join Peak Re as a minority investor. We are committed to constructive, value-driven partnerships.”

The post Peak Re secures KKR and Quadrantis Capital as new minority investors appeared first on ReinsuranceNe.ws.

As of the end of the reporting period, Fosun held an 86.71% equity interest in Peak Re.

In H1’25, Peak Re achieved total revenue of $661 million, up 36.8% year on year.

The company reported net profit of $88.8 million, net assets of $1.52 billion, and maintained a healthy solvency level.

During H1’25, Peak Re continued to drive client-centric solutions and portfolio diversification.

In March 2025, Peak Re expanded its footprint in emerging Asia by receiving a reinsurance branch licence as an IFSC Insurance Office (IIO) in GIFT IFSC, India, authorising both Property & Casualty and Life & Health business.

Its Bermuda-based subsidiary, Peak Reinsurance North America Ltd., obtained a 3B Insurer licence and maintained an A- rating from A.M. Best, further supporting its growth in North America and marking an important step in expanding the reinsurer’s global presence.

Peak Re also issued its second 144A catastrophe bond (Black Kite Re Limited Series 2025-1), the first such bond to include India.

The post Peak Re’s GWP climb 25% to $1.1bn in H1’25 appeared first on ReinsuranceNe.ws.

Peak Re NA is licensed as a Class 3B insurer, and marks an important step in expanding the reinsurer’s global presence and efforts to provide tailored reinsurance solutions to the North American market.

The new underwriting entity will have a focus on US motor and casualty reinsurance, which was previously underwritten by Peak Capital Ltd., and will utilise the wider Group’s expertise and resources.

The reinsurer states that by offering bespoke solutions and dedicated support, Peak Re NA will improve its ability to build stronger partnerships and address the needs of clients across the region.

“The establishment of Peak Re North America demonstrates our commitment to expanding into key global markets. This move allows us to offer greater proximity and customized support to our partners in the North America, ensuring we remain a trusted and innovative reinsurer on a global scale,” said Franz-Josef Hahn, Group CEO, Peak Re.

At the same time, ratings agency AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Peak Re NA, with a stable outlook.

The ratings, according to AM Best, reflect Peak Re NA’s inclusion as a member of the group, which has a balance sheet strength that AM Best assesses as very strong, alongside an adequate operating performance, neutral business profile, and appropriate enterprise risk management.

AM Best says that it expects the new North American subsidiary to operate with a high degree of integration with its parent, including capital and retrocession support, as well as the sharing of branding and core operational functions, including underwriting, pricing, marketing, reserving, investment and risk management.

Gene Zhang, CEO of Peak Re NA, said: “Our vision for Peak Re North America is built on a foundation of client-centricity. We are committed to delivering tailored solutions that address the unique needs of each client while aligning with the dynamic requirements of the North American market. By being closer to our clients, we can truly understand their challenges and add value to their businesses.”

“Peak Re North America will operate as an integral part of the Peak Re group, leveraging shared expertise across underwriting, risk management, and analytics. This ensures we can deliver seamless and innovative reinsurance solutions, further strengthening the trust we’ve built with our clients globally,” added Hahn.

“Our mission is to strengthen Peak Re’s presence in North America by focusing on building long-term partnerships and delivering tailor-made solutions that address the evolving needs of the market. With the support of Peak Re’s global resources and expertise, we aim to contribute to the resilience and growth of the North American reinsurance sector,” concluded Zhang.

The post Peak Re NA launch shows ‘our commitment to expanding into key global markets,’ says CEO Hahn appeared first on ReinsuranceNe.ws.

This appointment recognises Koh’s extensive experience and leadership in the credit and surety insurance industry.

As Vice Chair, she will play a crucial role in advancing discussions on underwriting practices, risk analysis techniques, and emerging trends, particularly those affecting the Asian market.

Additionally, Koh will contribute to shaping the committee’s advocacy efforts and promoting best practices within the industry.

The ICISA Asia Committee provides a platform for addressing regional challenges and facilitating collaboration among industry leaders. Koh’s election is a recognition of her expertise in the credit and surety insurance sector.

Peak Re acknowledges Kathleen’s appointment and anticipates her involvement in ICISA’s ongoing initiatives.

The post Kathleen Koh named Vice Chair of ICISA Asia Committee appeared first on ReinsuranceNe.ws.

The company attributed this success, driven by all of its business units, to its resilience and sustained profitability amid a challenging risk environment.

Gross written premiums (GWP) remained stable at $1.76 billion, due to prudent underwriting, alongside reinsurance revenue of $1.16 billion.

The reinsurance service result reached $144 million, with a solvency ratio of 186%.

A key factor in Peak Re’s positive results was the strategic restructuring of its Property & Casualty (P&C) portfolio, initiated in 2022. This shift from proportionate to non-proportionate coverages and higher excess-of-loss layers, successfully shielded the company from the market’s elevated natural catastrophe losses in 2024.

This strategic approach was further refined throughout the year to bolster portfolio resilience and proactively prepare for potential market softening, emphasising global diversification and a balanced approach between P&C and Life & Health (L&H) business lines.

Notably, Peak Re expanded its presence in the US SME market, particularly in casualty and cyber risk, through its Bermuda platform.

Combined with disciplined expense management, these measures led to a significant reduction in the combined ratio to 84%, down from 87.3% in 2023.

In 2024, Peak Re’s L&H business, which also includes the company’s short-term health business, generated $405 million in GWP, representing 23% of the company’s total reinsurance portfolio.

While this marks a slight decline from the previous year, it underscores the segment’s continued strategic importance and strong foundation for future growth, Peak Re noted.

Franz-Josef Hahn, Chief Executive Officer of Peak Re, said: “In 2024, we successfully built on Peak Re’s strong business franchise to position us for further growth. Throughout the year, we further diversified our reinsurance portfolio both geographically and across different lines of business.

“We strengthened our robust network of client relationships through regular, transparent and timely engagements. Importantly, we demonstrated our leadership ambitions by further investing in our IT systems and business processes, thereby enhancing our capabilities to support our clients in navigating today’s fast-evolving risk landscape.”

Peak Re also reported an increase in assets under management by 6.8% to $3.33 billion with investment income for the year reaching $122 million.

The company’s Return on Adjusted Equity (ROAE) stood at a healthy 15.7%, and total equity rose to $1.43 billion, supported by strong underwriting and investment performance across all lines of business.

As part of its strategic growth initiatives, in 2025, Peak Re opened a branch in Gujarat International Finance Tec-City (GIFT) City, India, and secured a subsidiary license in Bermuda.

Looking ahead, in 2025 Peak Re anticipates another year of strong demand for capacity despite ongoing market volatility, including the recent California wildfires.

The January 2025 renewals affirmed clients’ confidence in Peak Re, with over 80% of relationships retained and further expanded, the firm noted.

“We see Peak Re’s role not just as a provider of capacity, but as a strategic partner,” said Franz-Josef Hahn. “Our ambition is to continue offering innovative, tailored reinsurance solutions that support our clients’ evolving needs. The January 2025 renewals reinforced our client-centric approach, which is based on mutual understanding, transparency and long-term value creation.”

The post Peak Re reports second-best net profit of $187m in 2024 amid challenging market appeared first on ReinsuranceNe.ws.

According to the rating agency, the contagion risk, particularly in the form of strain on business growth and financial flexibility, is expected to continue to decline in the next 12 months because of Peak Re’s effective ring-fencing measures.

Moody’s has additionally affirmed the Baa1 insurance financial strength rating (IFSR) on Peak Re, and affirmed the Baa3 (hyb) backed subordinated debt rating of the subordinated perpetual securities issued by Peak Re.

As per Moody’s, the rating affirmation primarily reflects Peak Re’s strong standalone credit profile of a3, supported by its solid position in the Asian reinsurance market, robust capitalisation, and increasing product and geographic diversification.

However, these strengths are reportedly tempered by Fosun’s high debt levels and limited liquidity, as well as Peak Re’s exposure to natural catastrophe risks.

At the same time, Peak Re’s Insurance Financial Strength Rating (IFSR) of Baa1 remains one notch below its standalone profile to account for the potential contagion risk stemming from Fosun’s significantly weaker credit standing.

Moody’s added, “Peak Re continues to operate independently from Fosun, particularly the reinsurer’s capital management and financing activities. This is despite Fosun’s high debt leverage and weak liquidity in the past few years. Peak Re has not paid any dividends nor provided financing to Fosun or its affiliates.

“The ring-fencing measures at Peak Re have proven effective. These measures include an independent board where Fosun does not have majority control, as well as stringent board oversight over related party transactions.

“Fosun’s near-term liquidity buffer has also improved with the offloading of several businesses in the last two years. As such, we assess that the probability of capital flows from Peak Re to support Fosun’s liquidity needs is low.”

The rating agency concluded, “We expect that the reinsurer’s underwriting profitability will continue to improve in 2024 compared to 2023 and remain solid over the next 12-18 months.

“The reinsurer’s P&C combined ratio stood at 87% in 2023. Its strong underwriting results have benefitted and will continue to benefit from prudent underwriting, favorable terms and conditions for reinsurers.

“The declining but still high interest rates will support recurring investment income. Its solid profitability will also support the reinsurer in maintaining a solid capitalization in the next 12 months.”

The post Moody’s revises Peak Re’s outlook to positive appeared first on ReinsuranceNe.ws.

Despite this dip in net profit, Peak Re’s gross written premiums (GWP) saw a modest 0.1% year-on-year increase to USD 1.763 billion, a figure consistent with the company’s disciplined underwriting approach.

In 2024, Peak Re also recorded revenue of USD 1.156 billion, a 25.7% decrease compared to the previous year, primarily attributable to higher premiums earned in 2023 than 2024.

Maintaining its financial strength, AM Best reaffirmed Peak Re’s rating at A- (Excellent) and revised its outlook to stable. This rating reflects Peak Re’s robust financial position, adequate operating performance, and effective enterprise risk management.

“Amid the opportunities and challenges in 2024, Peak Reinsurance maintained its solid momentum in the dynamic global insurance market, marking another successful year. Peak Reinsurance stayed on its path of diversification both geographically and across different lines of business,” a Peak Re spokesperson stated.

Adding: “In 2024, despite increasing claims activity stemmed from global catastrophes, the business performance remained robust, thanks to strong underwriting across core business lines and favourable pricing environment.”

The company also highlighted the positive development of its Life and Health reinsurance business, including Short Term Health, which contributed to both ongoing diversification and strong business growth.

Moreover, Peak Re’s net assets values benefited from retained earnings, increasing by 11.7% to USD 1.43 billion as at the end of the Reporting Period, from USD 1.28 billion at the end of 2023, maintaining a healthy solvency level.

Looking ahead, Peak Re will approach 2025 with a remaining focus on disciplined underwriting and client-centric solutions, the reinsurer stated.

The company also intends to further cultivate strategic client relationships and strengthen its position in high-growth markets, ensuring a well-diversified portfolio aligned with its long-term strategy.

For 2024, Fosun’s total revenue, Peak Re’s majority shareholder, reached RMB192.14 billion (approximately USD26.5 billion). The group’s industrial operation profit reached RMB4.9 billion (approximately USD675 million).

Revenue generated by Fosun’s four core subsidiaries amounted to RMB134.65 billion (approximately USD18.5 billion), representing 70.1% of the group’s total revenue.

Guo Guangchang, Chairman of Fosun International, commented: “We believe that the clear strategic focus and robust industrial operational capabilities are the key to driving Fosun’s long-term steady development. Looking ahead, we will further deepen our focus on core industries. By leveraging our globalization and innovation capabilities, we believe that we can create long-term, stable value for our shareholders, even in a challenging environment.”

The post Peak Re generates $187m net profit for 2024 appeared first on ReinsuranceNe.ws.

The IIO, established in Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India, is classified as a Category 2 reinsurer under the applicable regulations for “Order of Preference” and is authorised to underwrite both property & casualty and life & health reinsurance.

This milestone marks a significant step in Peak Re’s expansion across emerging markets in Asia and beyond.

India is a key market for Peak Re, aligning with its goal of modernising reinsurance and supporting middle-class communities across the region.

Establishing an IFSCA branch reinforces Peak Re’s commitment to the India market, strengthening its ability to meet local needs and deepen engagement with the community.

Sudhir Salian, Managing Director and Head of India at Peak Re, will oversee the development of the new branch.

The post Peak Re granted licence to operate in GIFT IFSC, India appeared first on ReinsuranceNe.ws.